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Saab Gets Additional $40 Million By Selling Off Property

 
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2009 Saab 9-3

2009 Saab 9-3



Yesterday we reported that Saab would receive $18.4 million by the end of this week from a mystery Chinese firm that ordered a total of 582 of its cars, allowing the financially stricken automaker to pay its employees’ wages and stave off a potential bankruptcy. Today, we have news that Saab will receive an additional $40 million from a Swedish real estate consortium led by Hemfosa Fastigheter.

The latest deal is for the sale of 50.1 percent of Saab’s property assets, which includes the land on which its main plant and headquarters in Trollhattan, Sweden are built on. The Swedish real estate consortium will then lease back the land to Saab.

Importantly, the consortium will be able to purchase more land from Saab as the deal allows up to $47 million to be sold in total.

Unfortunately, Saab is yet to clear up an issue of unpaid bills with several of its key suppliers, which forced the automaker to originally stop production earlier this year when the suppliers refused to deliver parts.

This won’t be the end of Saab’s short-term funding dealings. The automaker’s parent company, Swedish Automobile, is still investigating other initiatives so stay tuned for more updates in the very near future.

[Reuters]

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